Azerbaijan’s GDP average annual growth rate projected till 2021

Hasanova made the remarks during a discussion on the country’s draft state budget and the concept of socio-economic development for 2017 and the next three years in Baku.

The state budget was discussed at a joint meeting of the parliamentary committees on defense, security and fighting corruption, economic policy, industry and entrepreneurship, agrarian policy, public unions and religious organizations, natural resources, energy and ecology.

"The growth rate of Azerbaijan’s GDP is projected at 1 percent in 2017, while over 2 percent per year for the next three years,” she said.

"The growth rate of the country’s non-oil GDP is projected at 2.5 percent in 2017, while over 2 percent in 2018-2020,” noted Hasanova.

"According to the forecasts, the country’s oil sector will decrease by 2.1 percent in 2017," she added.